The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase...

The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is gross margin? P145,000 P105,000 P140,000 P90,000